SOCIALISM

noun Date: 1837 any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods, 2. a system of society or group living in which there is no private property, a system or condition of society in which the means of production are owned and controlled by the state, a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done